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Sprint Announces Earnings

Sprint (S) announced that it lost $1.3 billion during the fourth quarter, roughly the same as the same period last year. The loss amounted to 44 cents per share versus 43 cents per share a year earlier. Analysts had expected a loss of 46 cents per share. Revenue was $9 billion, 3.2 percent higher than a year ago, and beating expectations of $8.9 billion. The increase was attributed to customers switching to higher paying smartphone plans. The company activated 2.2 million Apple (AAPL) smartphones during the quarter, though this figure still lags that of larger competitors Verizon Wireless (VZ) and AT&T (T). The company shed 243,000 customers as contracts on the Nextel network, which is being shut down, expired.

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